Interest on Business Checking Act of 2001

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Jan 31, 2001

Interest on Business Checking Act of 2001 - Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to: (1) provide that a depository institution may permit owners of interest or dividend paying accounts to make up to 24 transfers monthly for any purpose to their other demand deposits in the same institution; and (2) repeal the proscription against the payment of interest on demand deposits.Prescribes conditions for interest payments on escrow accounts.Amends the Federal Reserve Act to require a Federal reserve bank to pay interest at least quarterly on any balance maintained by a depository institution at the reserve bank to meet its reserve requirements.

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People & committees

Who introduced it

Sen. Hagel, Chuck [R-NE] · R–NE

Committees

Banking, Housing, and Urban Affairs Committee

3 cosponsorship records, including any withdrawals

Legislative record

Actions

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Jan 31, 2001
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jan 31, 2001
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Jan 31, 2001 Formatted Text PDF

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 19, 2025. Consult Congress.gov for the current record.

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Objective

Analyze S.229 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss S.229, 107th Congress: Interest on Business Checking Act of 2001

Official record: https://www.congress.gov/bill/107th-congress/senate-bill/229

Text version to examine: Introduced in Senate · 2001-01-31.

Official full text: https://www.congress.gov/107/bills/s229/BILLS-107s229is.htm

Imported record last updated by the source: 2025-08-19T17:31:12Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.229 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.229 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss S.229, 107th Congress: Interest on Business Checking Act of 2001

Official record: https://www.congress.gov/bill/107th-congress/senate-bill/229

Text version to examine: Introduced in Senate · 2001-01-31.

Official full text: https://www.congress.gov/107/bills/s229/BILLS-107s229is.htm

Imported record last updated by the source: 2025-08-19T17:31:12Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.229 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.229 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss S.229, 107th Congress: Interest on Business Checking Act of 2001

Official record: https://www.congress.gov/bill/107th-congress/senate-bill/229

Text version to examine: Introduced in Senate · 2001-01-31.

Official full text: https://www.congress.gov/107/bills/s229/BILLS-107s229is.htm

Imported record last updated by the source: 2025-08-19T17:31:12Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.229 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.229 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.229, 107th Congress: Interest on Business Checking Act of 2001

Official record: https://www.congress.gov/bill/107th-congress/senate-bill/229

Text version to examine: Introduced in Senate · 2001-01-31.

Official full text: https://www.congress.gov/107/bills/s229/BILLS-107s229is.htm

Imported record last updated by the source: 2025-08-19T17:31:12Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.229 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.